ENA Token Surges 7% as $260M Buyback and $360M Treasury Ignite Market Momentum

Ethena (ENAUSDT) has experienced a notable price increase of 7.15% over the past 24 hours, rising from $0.4926 to $0.5278 on Binance. This upward movement is primarily attributed to the announcement of a $360 million treasury and a $260 million buyback program by StablecoinX Inc., which has significantly boosted market confidence and driven strong buying activity. Additional factors supporting the rally include the recent merger forming StablecoinX Inc., increased trading accessibility following new listings on major exchanges, and substantial protocol revenue growth.

Currently, ENAUSDT is trading at $0.5278 with a 24-hour trading volume between $1.23 billion and $1.81 billion and a market capitalization of approximately $3.22 billion to $3.25 billion. The token has broken above key resistance levels, supported by robust trading volume and positive technical indicators, although overbought signals suggest potential for short-term corrections.